Today's picks

Nifty, Bank Nifty, Reliance Infra, HDFC & M&M

NIFTY
Current: 6,147 (fut: 6,161);
Target: NA
Breakout to new 52-week high. Next key resistance is the all-time high 6,357 (way back in January 2008). Stop-loss long positions at 6,075 and stop-loss shorts at 6,210. A bullspread of long 6,200c (66) and short 6,300c (31) costs 35 and could gain 15-20 if the market crosses 6,200.

BANK NIFTY

Current price: 13,078 (fut: 13,050);
Target price: 13,325
Despite a sharp jump, cost of carry is negative. If the Bank Nifty breaks out past 13,100 to a new 52-week high, it could run till 13,325-13,350 in the next two sessions. Keep a stop-loss at 12,950 and go long. Add to the position between 13,120-13,150. Book profits above 13,325.

RELIANCE INFRA
Current price: ~408;
Target price: ~430
Keep a stop at ~400 and go long with a target of ~430. Add to the position between ~416 and ~424. Book profits above ~430.

HDFC
Current price: ~910;
Target price: ~935
New 52-week high at ~916. Go long, with a stop-loss at ~900 and a three-session timeframe. Add to the position between ~916 and ~925. Book profits above ~935.

M&M
Current price: ~984;
Target price: ~1,010
The stock is likely to test its 52-week high of ~993-994 again and a move past those levels could take it till ~1,010. Keep a stop at ~975 and go long. Add to the position between ~995 and ~1,005. Book profits above ~1,010.

The target prices and projected movements given above are in terms of the next trading session, unless otherwise stated